AUD/JPY chart - Trading View
- AUD/JPY is extending range trade for the 2nd straight session, bias remains bearish.
- The pair is in a near-term downtrend and we do not see any signs of reversal.
- That said, oscillators are in highly oversold territory which raises scope for some correction from lows.
- The pair hit new 2019 lows at 75.73 on Monday's trade and is since consolidating around 76 mark.
- Price action is flashing red for the 5th straight week. No reprive from the bears.
- Volatility rising on the weekly charts as the pair extends decline after rejection at 55W EMA.
- Next major support lies at 75.25 (trendline), breach there will see dip till 61.8% Fib at 74.45.
- Immediate resistance is seen at 76.32, break above eyes 21-EMA at 77.65.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
